Franklin Wireless Announces Cancellation of 250,000 Shares of Its Common Stock
On Monday April 18, 2011, 9:15 am
SAN DIEGO, CA--(Marketwire - 04/18/11) - Franklin Wireless Corp. (OTC.BB:FKWL - News), the market leader in dual-mode WiMAX and CDMA modems for 3G and 4G wireless broadband data communications, today announced that it has cancelled 250,000 shares of Franklin Wireless Common Stock following the departure of one of the former senior executives of FTI (formerly Diffon Corporation).
In October, 2009, Franklin Wireless completed the acquisition of approximately 51% of the outstanding stock of Diffon Corporation in exchange for cash and shares of Franklin's Common Stock. Diffon was later renamed Franklin Technology Inc. (FTI) and provides design, development and manufacturing services to Franklin for its wireless data products.
Franklin Wireless' control rights of, as well as its stake in FTI, remain the same as before and Franklin's outstanding shares have been reduced by the amount of the cancelled shares. The cancellation was effective March, 2011.
About Franklin Wireless
Franklin Wireless Corp. (OTC.BB:FKWL - News) is engaged in the design, manufacture and sale of high speed wireless data products including third generation ("3G") and fourth generation ("4G") modems, routers and modules. Our current products are focused on widely deployed cellular technologies including CDMA EVDO Rev A, HSPA, WiMAX and LTE. We were the world's first supplier of both CDMA EVDO Rev A and dual-mode (CDMA EVDO Rev A/WiMAX) Universal Serial Bus (USB) modems. Franklin's other products include Wi-Fi "hotspot" routers (which operate over WiMAX or CDMA networks) and wireless modules that are generally sold to original equipment manufacturers (OEMs). Our company's primary customers are wireless carriers who seek innovative, reliable and cost effective technology solutions for their subscribers. Our customer base extends from the United States to South America and the Caribbean.
Franklin Wireless is headquartered in San Diego, California and has a majority ownership position in Franklin Technology Inc. (FTI), a research and development facility located in Seoul, South Korea. FTI provides design, development and manufacturing services to Franklin for its wireless data products. For additional information, please visit www.franklinwireless.com.
Safe Harbor Statement:
Certain statements in this press release constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.
Contact:
Contact:
Richard Walker
Franklin Wireless Corp
+1 858 623 0000
rick.walker@franklinwireless.com
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